126 /304
媒體聲譽對企業社會責任得獎企業其股市表現與財務績效之影響
126
Variables
Model (M4)
Model (M5a)
Model (M5b)
Model (M6a)
Model (M6b)
Coeff.
t value Coeff.
t value Coeff.
t value Coeff.
t value Coeff.
t value
MR
[–
T
3,
T
0]
–
–
–
–
0.02***
2.59
–
–
–
–
CSR
T
0
*MEDIA
[–
T
3,
T
0]
–
–
–
–
–
–
0.11**
2.12
–
–
CSR
T
0
*SRso
[–
T
3,
T
0]
–
–
–
–
–
–
0.04***
3.59
–
–
CSR
T
0
*MR
[–
T
3,
T
0]
–
–
–
–
–
–
–
–
0.04***
2.70
Adj-
R
2
0.30
0.31
0.31
0.31
0.31
Panel C: Dependent variable:
GPM
[
T
0,
T
2]
Constant
7.80**
2.12
10.29**
2.35
7.62**
2.08
9.73**
2.33
7.03*
1.91
CSR
T
0
0.89
1.15
0.70
0.91
0.86
1.11
–0.57
–0.56
0.71
0.92
GPM
[–
T
3,
T
0]
0.97*** 36.15
0.96*** 35.39
0.97*** 36.35
0.96*** 35.39
0.97*** 36.40
TAT
[–
T
3,
T
0]
0.20
0.09
–0.56
–0.23
–0.05
–0.02
–0.69
–0.29
–0.56
–0.24
TA
[–
T
3,
T
0]
–0.54**
–2.46
–0.70*** –2.60
–0.53**
–2.42
–0.64**
–2.55
–0.48**
–2.18
DR
[–
T
3,
T
0]
0.02
1.12
0.02
1.06
0.02
1.11
0.02
1.11
0.02
1.02
MEDIA
[–
T
3,
T
0]
–
–
0.12
1.20
–
–
–
–
–
–
SRso
[–
T
3,
T
0]
–
–
0.06***
3.25
–
–
–
–
–
–
MR
[–
T
3,
T
0]
–
–
–
–
0.06**
2.51
–
–
–
–
CSR
T
0
*MEDIA
[–
T
3,
T
0]
–
–
–
–
–
–
0.21
1.35
–
–
CSR
T
0
*SRso
[–
T
3,
T
0]
–
–
–
–
–
–
0.11***
3.21
–
–
CSR
T
0
*MR
[–
T
3,
T
0]
–
–
–
–
–
–
–
–
0.13***
2.84
Adj-
R
2
0.74
0.75
0.74
0.75
0.74
Panel D: Dependent variable:
EPS
[
T
0,
T
2]
Constant
0.37
1.22
0.47
1.34
0.36
1.18
0.48
1.44
0.31
1.01
CSR
T
0
–0.04
–0.58
–0.05
–0.80
–0.04
–0.62
–0.18*
–1.91
–0.06
–0.82
EPS
[–
T
3,
T
0]
0.86*** 32.88
0.86*** 32.33
0.86*** 32.93
0.86*** 33.11
0.86*** 33.11
TAT
[–
T
3,
T
0]
–0.79*** –3.73
–0.82*** –3.88
–0.81*** –3.85
–0.87*** –4.11
–0.87*** –4.10